What would happen to the equilibrium price and quantity of sunscreen if a new formula is developed that makes production cheaper, and scientists discovered that sunscreen causes more cancer than sun damage?.

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13-09-2022
Business

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What would happen to the equilibrium price and quantity of sunscreen if a new formula is developed that makes production cheaper, and scientists discovered that sunscreen causes more cancer than sun damage?.

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vk3267517 vk3267517 · Answer 1 · 2022-09-16T13:39:57-04:00

The equilibrium price will decrease and the effect on the equilibrium quantity will be ambiguous.

A change in the price of a good does not shift the demand curve. Instead, it moves along the demand curve. Changes in other factors shift the demand curve left or right. Factors that can shift the demand curve for goods and services, causing different quantities to be demanded at a given price include changes in taste, population, income, prices of substitutes or complements, future conditions, and expectations about prices. An increase in demand, ceteris paribus, will increase the equilibrium price. The amount supplied increases. A decrease in demand will lead to a decrease in the equilibrium price. supply will decrease. Equilibrium price is when supply of a product matches demand. When a leading index undergoes consolidation or consolidation momentum, it can be said that the forces of supply and demand are relatively equal and the market is in equilibrium. If the term (20) demand curve of this set shifts to the right, the equilibrium price and quantity demanded increase. The supplier's desire to eliminate surpluses puts upward pressure on prices.

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